AI-powered verification-as-a-service platform allows lenders to accelerate decisions and reduce risk
BURNABY, BC, September 6, 2023– Inovatec Systems, a major provider of industry-leading cloud-based software solutions for lenders, today announced it has created a relationship with VeriFast, a provider of AI-driven verification and authentication solutions, to offer accurate and secure identification and income verification to lenders. Through this partnership, Inovatec clients can access VeriFast’s robust capabilities directly through the Inovatec loan origination system (LOS), giving lenders a fast and reliable toolset to digitally verify the identity and income of applicants, while adhering to all data privacy and security mandates.
Headquartered in Toronto, VeriFast serves clients throughout the United States and Canada. Originally designed to help property managers verify the identities, income, and employment histories of potential tenants, the company has expanded its solutions portfolio to include services and capabilities geared specifically to the lending sector. VeriFast utilizes Artificial Intelligence to aggregate, process, and evaluate applicant data from disparate sources, giving lenders immediate validation of applicant identities and income sources. Through these services, lenders can make fast and better-informed decisions on applications, improving customer satisfaction while also reducing risk. VeriFast is SOC 2 Type 2 compliant, ensuring that the company adheres to the most rigorous data management and privacy standards.
“VeriFast has earned an outstanding reputation for providing fast, compliant, and cost-effective verification services that enable financial institutions to accurately authenticate applicants,” noted Sam Heath, Inovatec’s chief revenue officer. “We are pleased to partner with VeriFast, and give our clients access to these capabilities that are absolutely essential in digital lending environments.”
Inovatec’s LOS, LMS, and Direct portal solutions empower lenders to streamline loan processing, decisioning, and management functions through intelligent automation that can be configured to meet lender needs. The company’s offerings allow lenders to access a range of innovative services through open APIs, allowing them to adjust workflows, and add advanced features like analytics and alternative data, to make more accurate decisions, grow their portfolios, and build market share. By incorporating VeriFast’s services into the Inovatec LOS ecosystem, clients can leverage new capabilities designed to improve and expand lending activities.
“We are delighted to enter into this relationship with Inovatec, which is a true digital lending innovator and one of the fastest growing providers of loan origination platforms throughout North America,” said Tim Ray, co-founder and chief executive officer of VeriFast. “We recognize that digital lenders face an enormous challenge authenticating applicants and validating employment and income data. Through this partnership, we can give lenders the information they require to properly decision and book loans in an efficient and compliant manner, as well as create a solid foundation that will allow them to confidently enter into new markets.”
For information on Inovatec’s integrated loan origination system, loan management system, and customer portal solution, visit www.inovatec.com.
